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Due to plummeting revenues, Pinnacle Entertainment has shelved plans to acquire rival Ameristar Casinos. Pinnacle saw a net loss of USD 18.1 million (30 cents per share) in second quarter 2008, compared with a net income of USD 9.9 million (16 cents a share) in the same quarter of 2007. Analysts had predicted a net loss of 2 cents per share.
The financial daily 'De Tijd' reports that 2007 was a record year for Belgium's nine casinos as annual turnover rose by EUR 15 million to EUR 115 million. The rise in turnover continues the trend that started in 2004 when annual turnover at the country's casinos was just EUR 43 million. The opening of a new casino in Brussels has been a major contributory factor to the big rise in turnover.
Saipan, CNMI – The Tinian landfill has to be closed and relocated before the Marianas Resort Development Corp. (MRDC) can proceed with its hotel and casino project in the area. The landfill, which is near the airport, is not compliant with environmental regulations and poses numerous environmental and health hazards to the public. MRDC on Friday said it has already submitted its application...
Northern Kentucky hotel mogul Bill Yung stands to lose more than [[USD]] 500 million from the bankruptcy of Tropicana Entertainment LLC, which is relocating its headquarters to Las Vegas and canceling management-services contracts worth more than [[USD]] 1 million a year with Yung’s hotel company, Columbia Sussex Corp. It’s not yet clear what impact those hits will have on Columbia Sussex...
South Florida's casino boat business is sinking fast. SeaEscape, the only day cruise operator at Port Everglades, will have its last sail today. Palm Beach Casino Line is bankrupt and trying to sell its old, wood-decked Princess. When blackjack arrived at the Seminole Hard Rock Hotel & Casino in late June, cruise-to-nowhere boats lost their claim as the only venue to offer local residents one of the most popular casino card games.
The gaming board of Chile - the Superintendencia de Casinos de Juego - has awarded the remaining three casino licenses to three separate operators. Two of the chosen companies are local Chilean operators Rantrur S.A. (Enjoy) and Casinos de Juego de Coyhaique S.A. (Fischer). The third license goes to Casinos Austria International. The largest project is the Enjoy casino in Castro, in the Los Lagos region.
Buy-out firms Apollo and TPG have written off around USD 600m (GBP 321m) of their investment in American casino business Harrah's, in the biggest ever known private equity markdown. The writedowns equate to more than 20pc of the value of the private equity houses' investment in Harrah's. Apollo and TPG, the private equity house that walked away from Bradford & Bingley last month, paid USD 17bn for Harrah's in January, but since then economic woes have hit US gaming companies hard.
Taipei, Taiwan -- Premier Liu Chao-shiuan called yesterday for legalizing casino gambling on Taiwan's offshore islands, in what some considered to be the first concrete step towards building gambling facilities on islands outside the Taiwan proper. Liu made the remarks while attending the weekly Cabinet meeting yesterday. During the meeting, Hu Chung-ying, vice chairman of the Council for Economic Planning and Development (CEPD)...
New Mexico’s Pojoaque Pueblo and Hilton Hotels plan to open the USD 280 million Buffalo Thunder Resort and Casino outside Santa Fe this week. Hilton manages the 390-room hotel and Pojoaque runs the 1,200-slot casino, with staff totaling more than 650. The New Mexicandescribes Buffalo Thunder as "a high-style, Las Vegas-quality casino" that will be "the state’s biggest, most expensive resort and casino."
A comprehensive report on casinos said the state could reap USD 596.7 million in total annual government revenues if state legislators legalized three destination casinos. The report was released by the administration of Governor Deval L. Patrick. It was completed by Spectrum Gaming Group of Linwood. In the past, Spectrum has worked for casinos and governments around the world.
Illinois Governor Rod Blagojevich, acknowledging his past year’s attempt to get new casinos and racetrack slots past state House Speaker Michael J. Madigan was a failure, now wants to lease out the Illinois Lottery to help fund the governor’s latest capital improvement program. Blagojevich has downsized the planned budget for improving roads, schools and other infrastructure to USD 25 billion.
